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These are Some Frequent Questions, I generally get, So thought to write a blog about it. Q.1) What is GST? GST is Goods & Service Tax basically the main form of Commercial TAX that comes in to effect in India from July 1, 2017. It replaces all the existing types of taxes like VAT, CST & EXCISE etc. Q.2) What is GST tax slab rate? There is basically 5 slab rate for Product & 1 Slab for Service. For Product it is , 0%, 5%, 12%, 18%, 28% For Service, It is 18% Q.3) Has it replaced all the Previous Taxes like VAT, CST & EXCISE? Yes. But for some exceptional cases like Liquor, the Value Added Tax still exists & GST is not been implemented. Q.4) How do I apply for GSTIN (GST REGN NUMBER) online? Simply go to GST PORTAL http://gst.gov.in & apply online. Remember if Your annual gross revenue is more than 20 lakhs then you are required to register, the slab is 10 lakhs in north east states. NOTE - For eCommerce sellers & interstate sellers it

As we all know it is Goods & Service Tax. Basically it a single tax which replaces various kinds of taxation that was there earlier like VAT (Though VAT is still there for Liquor Items ), CST, EXCISE, SERVICE TAX, etc. So ultimately it a very good thing to have theoretically but the practicality it is bit different. It has impacted both buyer & seller but it has really impacted severely to the small traders & small eCommerce sellers in EBAY or Amazon. See my article below. TAX SLAB Product - 0%, 5%, 12%, 18%, 28% Service - 18% GST IMPACT ON SMALL TRADERS / ECOMMERCE SELLERS From Buyers Prospective, Always no matter whatever the taxation system is the buyer has to carry the burden of it, so see below how it affect a buyer, Leather Items like Bags, mobile cover, laptop bags & other leather items becomes costlier. (GST 28 % SLAB) Service TAX changed from 15% to 18%, so directly or indirectly you will have to pay a lot money for that. eg,